Little-claimed Citizens insurance rebate lowered
BATON ROUGE- Everyone in Louisiana who buys property insurance will lose 28 percent of a tax credit they can get for covering the debt of the state's property insurer of last resort.
In addition, the reduction is retroactive, meaning those who failed to file for the tax credit over the last four years are also out 28 percent of the rebate. As a result, Insurance Commissioner Jim Donelon says the state can immediately grab about $60 million of the unclaimed rebates.
The cut was part of a package of tax credit reductions passed by the Legislature.
As a result of the new law, the average homeowner's rebate from the annual assessment tied to Louisiana Citizens Property Insurance Corp. will be trimmed by a little more than $21.